KWEICHOW MOUTAI(SH:600519) Cai Jing Wang·2025-10-25 09:46Core Viewpoint - The recent leadership change at Kweichow Moutai comes amid fluctuating prices in the liquor industry, indicating a potential "soft landing" for the sector, while the company's performance targets are under pressure [1]. Group 1: Leadership Change - On October 25, Kweichow Moutai announced a leadership change, with Zhang Deqin stepping down as chairman and Chen Hua, the director of the Guizhou Provincial Energy Bureau, taking over [1]. - Zhang Deqin's tenure focused on balancing direct and distribution channels, stabilizing the price of Feitian Moutai, and reducing brand dilution [1]. Group 2: Sales and Revenue - As of the end of 2023, Kweichow Moutai's iMoutai platform achieved a cumulative revenue of 34.257 billion yuan, contributing positively to the company's economic performance [1]. - The iMoutai platform is expected to adapt its sales strategy based on market conditions, with a projected 10% decline in revenue for 2024 [2]. Group 3: Market Dynamics - The production of Moutai liquor in 2024 is estimated at 56,300 tons, a decrease from 57,200 tons in 2023, while series liquor production increased from 42,900 tons to 48,100 tons [3]. - The price of Feitian Moutai has seen significant fluctuations, dropping to around 1,770 yuan per bottle by the end of September [4]. Group 4: Channel Strategy - Kweichow Moutai's traditional distribution channels play a crucial role in stabilizing prices amid supply-demand imbalances [6]. - A project plan titled "One Province, One Culture, One Product" aims to enhance regional product offerings and maintain price stability through local distributors [6]. Group 5: Consumer Behavior - The price adjustments of Feitian Moutai have made it more attractive to consumers, leading to an increase in sales during peak seasons despite overall market declines [7]. - The management emphasizes the importance of a scientific product distribution system to maintain market order and channel resilience [7][8].